Notes Payable

12 Months Ended

Feb. 28, 2015

Notes Payable [Text Block]

Note 4 – Note payable

Issuance of Promissory Note

One January 6, 2014 the Company issued a promise note to Brian Doutaz (the “Lender”) up to the sum of Fifty Thousand Dollars ($50,000.00), together with interest thereon computed from the date of receipt of any funds as advanced by the Lender at seven and one-half percent ( 7.5%) per annum retroactive to the first advance made on June 12, 2013 and as indicated on Appendix A which may be updated with further advances and repayments of this note from time to time. All interest, principal and other costs hereunder shall be due and payable to the Lender on December 31, 2014 (the “Due Date”).

The principal amount of the note was $24,614 as of February 28, 2014.

On June 17, 2014 the lender advanced an additional $5,000 to the Company. The Company repaid $7,083 towards the advances in February 2015.

On December 31, 2014 the note holder has agreed not to call the note until December 31, 2015.

The Company recorded $2,110 and $1,029 in interest expense for the fiscal year ended February 28, 2015 and 2014, respectively.